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14 January 2025 | 28 replies
This included all the data from the first 6 months of the year as I did not hire her until July.
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4 February 2025 | 3 replies
I have only 3 doors that I manage so not a big time player so wanted to start with some cheaper software and I heard on the podcasts that RentRedi was included in my pro membership so I signed up.
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27 January 2025 | 7 replies
Here are some general guidelines: Lien Position1st Position LienEquityMinimum Down Payment of 20-25% (a 30% equity to sale price is preferred)Down Payment made in certified funds and not borrowedMaximum Funding of 70% ITV (Investment to Value)SeasoningMinimum of two monthly payments already made12 months or more preferredPayer CreditCredit Score of 650 or higherNo major derogatory trade lines (No 90-180+ days delinquent, foreclosure, repossession, bankruptcy, etc.)No decline in credit since purchase of businessTermsPrefer 60 months or lessMaximum of 72 monthsNo Balloon Payment preferredCash FlowBusiness has positive cash flow1.25 debt service coverage ratio preferred.DocumentationPersonal guarantee from a creditworthy individualStandard documents including Note, Security Agreement, and UCC-1 filing.Tax Returns on the business that substantiate profit and loss statements.OtherPayment history current and verifiablePayer Interview indicating buyer is satisfied with business and comfortable making paymentsMotivation for selling the note is not a result of a deteriorating businessConsideration of high risk businesses or geographic areasIn these situations, sometimes a partial is a better option.
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4 February 2025 | 11 replies
@Anthony Finelli check your mortgage paperwork for the Truth-In-Lending form to find your APR.APR is your effective interest rate including interest, MIP and closing costs.If you can refinance the rental at a cheaper rate than the APR, then you should!
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4 February 2025 | 87 replies
We try hard to follow the regulations, including the Dodd Frank Act.
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4 February 2025 | 12 replies
Several questions that will allow financial professionals/planners to help you make an informed decision include: what are you paying in rent?
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15 January 2025 | 2 replies
Once you become licensed you subject yourself to all the laws required of licensees, including the requirement of broker supervision.
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16 January 2025 | 3 replies
Just make sure you have all the required permits, including alcohol.
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22 January 2025 | 20 replies
that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.
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26 January 2025 | 3 replies
Metro’s business with the continued expansion and advancement of Artificial Intelligence.Other catalysts include Virginia Tech’s new 600,000 square foot, 1 billion dollar Innovation Campus in Alexandria just outside D.C., 300,000 square feet of which was completed last week and is now open for students.